President Donald J. Trump signed an Executive Order to strengthen and expand sanctions authorities that combat international terrorism.
According to OFAC, the Executive Order ("Modernizing Sanctions to Combat Sanctions") (i) amends E.O. 13224 ("Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism") and (ii) terminates the national emergency declared in 1995 pursuant to E.O. 12947 ("Prohibiting Transactions With Terrorists Who Threaten To Disrupt the Middle East Peace Process").
The national emergency declared in Executive Order 13224, dated September 23, 2001, regarding the threat posed by international terrorism remains in effect. OFAC stated that the amended Executive Order strengthens the ability of the Departments of State and the Treasury to target terrorists and their supporters, including by imposing correspondent account and payable-through account sanctions on foreign financial institutions that knowingly conduct or facilitate transactions for or on behalf of Specially Designated Terrorists.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.